Singapore Private Home Prices Drop 1.1% In Q2

The COVID-19 pandemic has {continued to|remained to} {affect|impact|influence} the Singapore {housing|real estate|property} market as private {home|dwelling|condo|residences|houses} {prices|costs|rates|price tags} {fell for|succumbed to} {a second|a 2nd} {consecutive|successive} quarter.

Flash {estimate|quote|price quote} from the Urban Redevelopment Authority (URA) {showed|revealed|indicated|illustrated} that the private {residential property|home|property|condo|condominium} index {fell|dropped|slipped|dipped|sank} 1.1% in the {second|2nd} quarter of 2020, {following|after} a 1% {decline|decrease|drop} seen in the previous quarter.

URA {revealed|disclosed|uncovered|reported|indicated} that {prices|costs|values} of non-landed {homes|houses|residences|condo|dwelling} within the Core Central Region (CCR) {slipped|slid|dropped} 0.1% in Q2, an improvement from Q1’s 2.2% {decline|decrease|drop|loss}. The Rest of Central Region (RCR) saw {prices|costs|values} {fall|drop|slip|dip} 1.9%, {a bigger|a larger|a greater|a more substantial} {decline|decrease|drop|slide} {compared|contrasted|opposed} to the previous quarter’s 0.5% {decrease|decline|drop}.

{Prices|Price tags|Values|Pricings|Figures} within the Outside Central Region, {on the other hand|on the contrary|conversely}, {remained|stayed|continued to be|stood} {unchanged|the same|unaffected|firm} after {registering|recording} a 0.4% {decline|decrease|drop|fall} in Q1.

” Last quarter, show flats were {closed|shut|shut off} while {house|home|residential property} viewings were {barred|disallowed|stopped} {during|throughout|in the course of|in the time of} the Circuit Breaker period. {As a result|Consequently|Because of this|Therefore}, {buyer|purchaser|home buyer} demand was {suppressed|restrained} which will {inevitably|undoubtedly|unavoidably|certainly} have {a negative|an unfavorable|an adverse} {impact on|effect on|influence on} {home|residence|residential property} {prices|pricings},” {said|stated|claimed} Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.

” {However|Nevertheless|Nonetheless}, it {could|may} be {too early|early} to {conclude|deduce} that this is the {beginning|start} of a sustained {period|duration|time frame} of {price|value|pricing} {declines|decreases|drops|downswings}. We {should|ought to|must|need to} {be cautious|beware} in {interpreting|translating|analyzing} the {price|value|pricing} dips in {a volatile|an unstable|an unpredictable} market, {particularly|especially|specifically} when sales volume is {low|reduced|modest|lower}.”

URA caveat {data|information|records} {showed|revealed|suggested|indicated} that the {number of|amount of} resale {transactions|deals|agreements} in Q2 2020 is around a quarter of what was {sold|transacted} over the {same|exact} {period|duration|time frame} {last year|in 2019}. The {number of|amount of} {new|brand-new} {home|residential property|launch} sales {transacted|performed} last quarter is also around 50% of what was {sold|sold off|transacted} in Q2 2019, {noted|mentioned} OrangeTee & Tie.

” There is {sporadic|erratic|occasional} {evidence|proof} of ‘green shoots’ in {certain|specific|various} market {segments|sectors} and some {buyers|purchasers|home buyers|investors} were {snapping up|grabbing|purchasing|buying|getting} {relatively|fairly|reasonably} {good|great|excellent} {bargains|deals} {in the market|on the market|out there|in the marketplace} over the {past|last} {few|couple of|number of} weeks. {{Therefore|As a result|Consequently}, the {prices|values|pricings} {trends|patterns} {could|might|can} be {distorted|misrepresented} by {some of|a few of|several of} these {properties|homes|residential properties} or {special|unique} {priced|valued} units,” {said|stated|claimed} Sun.|The {prices|pricings} {trends|patterns} {could|might|can} be {distorted|misrepresented|misinterpreted} by some of these {properties|homes|residential properties} or {special|unique} {priced|valued} units,” {said|stated|claimed} Sun.}

” We {should|ought to|must|need to} observe the {property|home|residential property|real estate} market for a few more quarters to {ascertain|determine|establish|identify} if {prices|pricings} {have|have actually} bottomed.”

With this, Sun {expects|anticipates|forecasts} {home|house|residence} {prices|costs|pricings} to {remain|stay|continue to be} soft in the coming months {considering|thinking about|taking into consideration} the macroeconomic {uncertainties|unpredictabilities}. For the {full|complete} year, she {expects|anticipates} private {home|residence|property} {prices|costs|pricings} to drop by 3% to 5%.

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